Monetary theory and policy by Carl E Walsh(
Book
)57
editions published
between
1988
and
2011
in
English and Chinese
and held by
1,071 WorldCat member
libraries
worldwide
Monetary Theory and Policy presents an advanced treatment of critical topics in monetary economics and the models economists
use to investigate the interactions between real and monetary factors. It provides extensive coverage of general equilibrium
models of money, models of the short-run real effects of monetary policy, and game-theoretic approaches to monetary policy.
The book is designed for second-year graduate students specializing in monetary economics, for economic researchers in need
of a systematic summary of recent developments in the field, for economists working in policy institutions, and for central
bank staff economists

Economics by Joseph E Stiglitz(
Book
)28
editions published
between
2002
and
2014
in
5
languages
and held by
537 WorldCat member
libraries
worldwide
Integrates contemporary economics into the traditional curriculum. This book offers coverage of the economics of information
and imperfect markets. It emphasises on the critical role of capital markets in the macro economy

Principles of microeconomics by Joseph E Stiglitz(
Book
)22
editions published
between
2002
and
2016
in
English and Spanish
and held by
237 WorldCat member
libraries
worldwide
"Co-written by Joseph Stiglitz, winner of the Nobel Prize for his research on imperfect markets, and Carl E. Walsh, one of
the leading monetary economists in the field, Principles of Microeconomics is the most modern and accurate text available."--Publisher's
website

Principles of macroeconomics by Joseph E Stiglitz(
Book
)9
editions published
between
2002
and
2006
in
English
and held by
148 WorldCat member
libraries
worldwide

Mikroökonomie by Joseph E Stiglitz(
Book
)3
editions published
between
2008
and
2013
in
German
and held by
72 WorldCat member
libraries
worldwide

The impact of monetary targeting in the United States, 1976-1984 by Carl E Walsh(
Book
)5
editions published
in
1987
in
English
and held by
23 WorldCat member
libraries
worldwide
This paper attempts to assess empirically the impact on output and inflation of monetary policy in the U-S. during the period
of M1 targeting from 1976 to 1984. The impact of policy shocks on output and inflation, and the impact of aggregate demand,
aggregate supply and money demand shocks on M1 and the Fed's target path, are examined through the use of impulse response
functions. These response functions are based on an orthogonalization of VAR residuals derived from an estimated structural
model. The VAR specification reflects the finding that M1 and the Fed's target for M1 are cointegrated. The evidence suggests
that money supply shocks and shocks to M1 target have accounted for little of the observed volatility of output or inflation.
However, the induced policy response to aggregate demand and supply shocks has contributed to subsequent inflation

Inside money and monetary neutrality by Peter R Hartley(
Book
)5
editions published
in
1986
in
English
and held by
21 WorldCat member
libraries
worldwide
This paper examines the interaction between the financial and real sectors of the economy within the framework of a stochastic,
rational expectation model that distinguishes between inside and outside money. The model also can be used to study the impact
of variations in the degree of intermediation, measured by the elasticity of bank deposit supply. In contrast to earlier work
which emphasized confusion between monetary and real shocks, we focus on the role played by confusion between inside and outside
money and temporary and permanent base money disturbances. Financial sector disturbances, as well as temporary shocks tothe
monetary base, are shown to have real effects even when private agents have complete information. When contemporaneous information
on economic disturbances is incomplete, permanent shocks to the monetary base also have real effects. If our model is correct,
it is invalid to reject equilibrium models of the business cycle on the grounds that anticipated money affects output. We
argue that this result is robust in the sense that many "reasonable" models which incorporate inside money would yield a non-neutrality
of portfolio and temporary base money supply shocks

Testing for real effects of monetary policy regime shifts by Carl E Walsh(
Book
)4
editions published
between
1986
and
1987
in
English
and held by
18 WorldCat member
libraries
worldwide
Huizinga and Mishkin (1986) have recently proposed a simple method for testing whether monetary policy regime changes have
affected the ex-ante real rate of interest. This paper shows that care must be taken in choosing the set of variables on which
to project the ex-post real rate if inferences about the ex-ante real rate are to be drawn. It is shown that Huizinga. and
Mishkin's tests cannot distinguish between shifts in the real rate process and shifts in the inflation process

Borrowing restrictions and wealth constraints : implications for aggregate consumption by Carl E Walsh(
Book
)5
editions published
between
1985
and
1986
in
English
and held by
17 WorldCat member
libraries
worldwide
Recent empirical studies have found that consumption is more sensitive to current income than the life-cycle, permanent income
hypothesis would predict. The present paper studies a model in which the fraction of consumers exhibiting excess sensitivity
is endogenously determined. The presence of income uncertainty and restrictions on borrowing are shown to generate adistribution
of consumption across individuals which is consistent with the recent empirical evidence. The aggregate marginal propensity
to consume out of transitory income is directly related to the fraction of constrained consumers and exhibits positive serial
correlation in the face of serially uncorrelated income shocks

Parameter misspecification and robust monetary policy rules by Carl E Walsh(
Book
)7
editions published
between
2003
and
2005
in
English
and held by
16 WorldCat member
libraries
worldwide
In this paper, I evaluate the performance deterioration that occurs when the central bank employs an optimal targeting rule
that is based on incorrect parameter values. I focus on two parameters the degree of inflation inertia and the degree of price
stickiness. I explicitly account for the effects of the structural parameters on the objective function used to evaluate outcomes,
as well as on the model&rsquo;s behavioral equations. The costs of using simple rules relative to the costs of parameter misspecification
are also assessed

Monetary information and interest rates by Carl E Walsh(
Book
)5
editions published
in
1985
in
English
and held by
11 WorldCat member
libraries
worldwide
A model of interest rate movements in response to new information on the money stock is developed. The model, which incorporates
several earlier approaches as special cases, makes explicit the manner in which estimated interest rate responses to money
surprises depend on the relative variances of nominal and real disturbances, as well as on the monetary authority's policy
and the credibility of that policy

Optimal taxation by the monetary authority by Carl E Walsh(
Book
)6
editions published
in
1984
in
English
and held by
10 WorldCat member
libraries
worldwide
Reserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation
can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steady-state equilibrium needs to
consider the simultaneous choice of all the tax instruments controlled by the monetary authority. Such an analysis is carried
out in this paper. It is shown that when the tax system is not indexed, the optimal nominal interest rate on the monetary
authority's liabilities is likely to be zero. More importantly, any discussion of the payment of interest on reserves and
currency must take into account the nature of the tax system and the rate of inflation in a nonindexed economy

Interest rate volatility and monetary policy by Carl E Walsh(
Book
)6
editions published
in
1982
in
English
and held by
10 WorldCat member
libraries
worldwide
In October 1979 the Federal Reserve shifted from an interest rate oriented operating procedure to a reserves oriented procedure.
It is argued in this paper that part of the very large increase in interest rate volatility which resulted from the policy
switch may have been due to shifts in the parameters of the money demand equation, shifts due to the adoption-of a reserve
aggregates operating procedure. This result is derived by comparing rational expectations equilibria in a simple theoretical
model under alternative policy rules. This allows the variance of interest rates to be explicitly expressed as a function
of the policy rule

Unanticipated money and interest rates by V. Vance Roley(
Book
)5
editions published
in
1984
in
English
and held by
10 WorldCat member
libraries
worldwide
Evidence on the relationship between unanticipated money and interestrates has been provided by two types of studies. First,
several researchers have investigated the relationship using quarterly data. Second, a number of researchers have examined
the effect of money announcement surprises on interest rates. In both instances, the correlation between money surprises and
interest rates has usually been found to be non-negative. This paper first provides an interpretation of the correlation between
unanticipated money and interest rates in terms of Federal Reserve policy objectives and operating procedures. Then, the correlation
of unanticipated money and both short- and long-term interest rates is examined over weekly intervals, combining several aspects
of the previous quarterly and announcement studies. In addition, the distinction between unpredicted and unperceived money
also is considered

Measurement error and the flow of funds accounts : estimates of household asset demand equations by Carl E Walsh(
Book
)4
editions published
in
1981
in
English
and held by
7 WorldCat member
libraries
worldwide
In the household sector of the Flow of Funds Accounts, the difference between net acquisition of financial assets and net
financial savings is equal to a statistical discrepancy which is often quite large relative to the reported changes in asset
holdings. This means that the budget restrictions emphasized in the Brainard-Tobin approach to specifying asset demand equations
are not satisfied by the data commonly used to estimate such equations. The view adopted in this paper is that the statistical
discrepancy should be thought of as resulting from measurement error in the Flow of Funds data. By imposing a structure on
the measurement error, a consistent estimator is developed and used to estimate asset demand equations for the household sector.
The demand equations are similar in specification to those used by others so that the results allow a direct assessment of
the effects of alternative treatments of the statistical discrepancy. The empirical results suggest that qualitative conclusions
about the effects of financial flows and interest rates on asset demands are not affected by the way the statistical discrepancy
is treated. Quantitative conclusions are, however, affected

Asset prices, substitution effects, and the impact of changes in asset stocks by Carl E Walsh(
Book
)4
editions published
between
1980
and
1981
in
English
and held by
6 WorldCat member
libraries
worldwide
The standard result in macroeconomic models is that an increase in the stock of government debt has an ambiguous effect on
aggregate demand. Models which have derived this result have assumed that all assets are gross substitutes. Some recent work
within the framework of mean-variance portfolio models, however, seems to imply that the assumption that all assets are gross
substitutes is sufficient to determine whether an increase in government debt is expansionary or contractionary. This apparent
inconsistency is resolved by showing that gross substitutability is sufficient to sign the impact of a change in government
debt only when money is riskless. To carry out the analysis, portfolio choice and equilibrium asset prices are characterized
in a new way through the use of a distance function